Carrefour advances after Morgan Stanley call, shares hold in CAC 40 trade

Carrefour remains in focus after Morgan Stanley’s fresh Overweight rating and a mid-teens euro valuation context, with the French retailer’s shares trading on Euronext Paris as part of the CAC 40.

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 23:04.

Carrefour (FR0000120172) stays on analysts' screens this week after Morgan Stanley initiated coverage with an Overweight rating and a €20.10 price target for the Euronext Paris-listed shares, according to an Investing.com summary of the call. The retailer is a member of the CAC 40 index alongside peers such as Ahold Delhaize and Tesco, giving it a clear European large-cap anchor in the food retail sector.

What Morgan Stanley highlights

Morgan Stanley’s initiation frames Carrefour as undervalued versus its long-term earnings potential, citing a roughly 40 percent discount to projected 2028 earnings compared to food retail peers in Europe. The bank’s €20.10 target implies about 22 percent upside from a recent closing level of €16.44, setting a valuation context that many retail investors will note.

According to the Investing.com coverage of the initiation, Morgan Stanley points to cost efficiencies and store modernization as drivers of earnings resilience, while also acknowledging competitive pressure from discount chains in France and other core markets. The Overweight stance puts Carrefour in a favorable bucket compared with more neutral stances on some other European grocers, even as the sector overall trades at a relatively modest earnings multiple.

How the consensus picture looks

The Morgan Stanley call adds to a broader analyst mosaic in which Carrefour typically carries a mix of Buy, Hold and occasional Sell ratings, with a concentration of targets in the high-teens to low-twenties euro range on platforms such as MarketScreener and Hargreaves Lansdown. Hargreaves Lansdown data show a recent opening price around €16.19 and a market capitalization of about €11.85 billion, alongside a price-to-earnings ratio near 10, which points to a relatively muted valuation versus some consumer staples names.

Dividend metrics are another part of the picture: Hargreaves Lansdown lists a dividend per share of €0.97, with the latest ex-dividend date on 26 May 2026 and payment on 28 May 2026. That translates into a dividend yield of a bit more than 6 percent at mid-teens share prices, providing an income anchor that complements the earnings multiple and may be relevant for longer-term retail investors.

The business behind the shares

Carrefour’s core business is multi-format food retailing, with a network of hypermarkets, supermarkets, convenience stores and cash-and-carry outlets across France, Spain, Italy, Belgium and several emerging markets, according to its corporate profile. A representative product line for end customers is the Carrefour-branded private-label food range, which spans everyday grocery staples such as pasta, dairy and fresh produce, positioned as a value alternative to national brands.

Where the stock trades today

The Carrefour shares (FR0000120172) trade on Euronext Paris under the ticker CA, with recent mid-teens prices in euros and a market capitalization in the low-teens billions of euros based on the latest session reported by Hargreaves Lansdown.

Key data on the Carrefour shares

• Company: Carrefour S.A.
• ISIN: FR0000120172
• WKN: 852362
• Ticker: CA
• Trading venue: Euronext Paris
• Price (as of 2026-06-23, 07:20): 15.80 EUR
• Market cap: approximately 11.0 billion EUR (as of 2026-06-23)
• Sector / industry: Food & Staples Retailing
• Index membership: CAC 40
• Next earnings date: not officially scheduled

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any kind. All data are based on sources cited and may change over time.